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Article 11 Exceptions

Original text. Later amendments are not shown.

(1)

A relevant institution is not guilty of an offence under article 9 or 10 if the institution credits a frozen account with:

(a)

interest or other earnings due on the account;

(b)

payments due under contracts, agreements or obligations that were concluded or arose prior to 14th October 2006; or

(c)

funds received from a third party, provided that the institution informs the Governor without delay.

(2)

For the avoidance of doubt, article 9 applies to any funds credited to a frozen account in accordance with this article.

(3)

In this article—

  • “frozen account” means an account of a designated person;

  • “third party” means a person other than the account-holder or the relevant institution with which the account is maintained.